OK, so new and existing registrars will be allowed to propose new gTLD’s (new domain extensions such as .com, .net etc.) and submit them to an approval process which essentially breaks down into the following rules:

Wow! I want to jump in there and offer up a few ideas and proposals of my own. Nevermind that I can’t deliver, can’t win the auction to sell my proposed names and all that. Wouldn’t it be cool if we could just have our first name as a domain? So I’d reserve valentine.mike – You know Valentine (Dot) Mike – hey! Why not? That would really be delivering domain NAMES!